Latest news reveals that the acclaimed cryptocurrency exchanges Binance and Kucoin have garnered official approval from India’s Financial Intelligence Unit as Virtual Asset Service Providers (VASPs). This affirmation comes after a series of discrepancies that initially led to the ban of both exchanges within India due to non-compliance with the nation’s anti-money laundering regulations.

The Financial Intelligence Unit – India (FIU-IND) has officially endorsed the offshore platforms, Binance and Kucoin, to conduct operations within the nation as Virtual Asset Service Providers (VASPs). Vivek Aggarwal, the Director of FIU-IND, addressed the press on Friday, shedding light on this significant development. Aggarwal stated, “Kucoin and Binance have been registered with FIU India … With this, we now possess comprehensive visibility of the transactions required, paving the way for the initiation of the suspicious transaction reporting process.”

This recent triumph for Kucoin traces back to the successful rectification of prior non-compliance issues that resulted in a fine of Rs 35.5 lakh (roughly $43,000) and the lifting of a website ban. Meanwhile, the penalties for Binance are currently under assessment post a temporary prohibition earlier this year due to regulatory infringements. News previously circulated that Binance was set for a reintroduction into the Indian crypto market following the payment of a $2 million fine.

Back in December of the previous year, the Indian government directed the Ministry of Electronics and Information Technology to restrict access to offshore cryptocurrency platforms identified as illegal within the nation. Among the nine impacted cryptocurrency exchanges were Binance, Kucoin, Huobi, Kraken, as well as Bitfinex. Aggarwal elaborated on the fact that offshore cryptocurrency exchanges are not mandated to establish independent business entities in India. Nevertheless, he affirmed that “there has to be a principal compliance officer who gets registered with FIU, India, and whose address and details are accessible to FIU for engagement.” The present oversight of the FIU-IND encompasses monitoring 47 entities involved in cryptocurrency trade or management within India.